AgriInvest
Here’s a quick and brief guide to all you need to know about AgriInvest program in 2023.
Benefits of this Program
The Sustainable Canadian Agricultural Partnership (Sustainable CAP) offers a variety of programs to help farmers and agricultural businesses mitigate risk. AgriInvest is a government savings account for producers that allows them to take control of their finances and make smart investments to mitigate risk and boost market income. For every dollar you put into your AgriInvest account, the government will put in a dollar, up to a maximum of 1% of your Allowable Net Sales. The money in your AgriInvest account will increase thanks to your deposits, the government's matching contributions, and the interest you earn. Withdrawals from your AgriInvest account are possible at any moment. Your introduced bank account will be debited in the following sequence:- Fund 1: The first fund is where you put your money (which is not taxed).
- Fund 2: Government subsidies and interest (considered taxable income).
Eligibility Requirements
If you have a primary source of income from the production of agricultural commodities and meet the following requirements, you may be eligible for AgriInvest:- Canadian farm
- Canada Revenue Agency income tax returns indicating farming income (loss) must be filed by the end of the program year.
- Submit an AgriInvest form before the end of the program year detailing your year's sales and purchases of eligible commodities.
- Your farm's processed agricultural goods may also qualify. Check out the Is your production qualified page to know what goods qualify.
Ideal Candidates
They are:- Those who farm on their own
- Business associates
- Corporations
- Co-operatives
- Community groups
- Co-investing landlords
- Estates
- Trusts
- Limited Liability Companies
- Band Farms and Status Indians who farm on a reservation
- Professional livestock farmers
The Application Process
Time of Entry: Now Open We are now accepting applications for the program. Territories of the North West Beginning with the 2023 crop year, producers in the Northwest Territories will be eligible to join AgriInvest.1. Submit an AgriInvest application.
The 2023 program year will be the first year producers in the Northwest Territories can participate in AgriStability and AgriInvest. Fill out the form on the website to get the forms mailed to you.2. Don't miss the March 31, 2022, filing date.
The initial deadline for filing your 2022 return without interest or penalties is September 30, 2023. The last day to submit your 2022 form with a late fee is December 31, 2023. For every month (or partial month) past the first deadline until the final deadline, we will deduct 5% from your maximum matchable deposit.After You've Applied
First, a Deposit Notice will be sent to you by Agriculture and Agri-Food Canada. After your application has been processed, Agriculture and Agri-Food Canada (AAFC) will send you a deposit notice detailing the following:- How much money you're allowed to put into the Account
- The Time Limit for Deposits
- Sign the Account Initiation Form and submit it to a partnering financial institution to start a new AgriInvest Account.
- Get to a bank and deposit the money.
- Please submit your payment by the due date:
- Deposits to your AgriInvest account must be made within 90 days of the date of your Deposit Notice.
- Your Deposit Notice specifies a deadline by which you must make your deposit. You cannot make up the difference between your initial investment and the maximum allowable deposit.
- After your financial institution verifies your deposit, AAFC will add government matching funds to your Fund 2 account.
- Account 2: Taxpayer money and interest from the government.
- Account 1: Your initial deposits (tax-free).
